Financial oblivion has been beaten back with a stick until February for Midway, two investor groups are expecting cheques in the post for $75 million each.
One group has been convinced to wait until this February 19th, which is a bit of drag considering they originally had till 2025/26 to pay up. No news on the other group yet.
After Sumner Redstone who held the majority share of Midway sold his 87% stake for some magic beans ($100K), the small print let the investors demand their money whenever they want.
$150 million in total is owed to these two groups while the remaining $90 million will go to Redstone's National Amusements business, though there doesn't seem to be a rush for that latter chunk of change yet.
Midway seems to have dodged the finisher, but for how much longer?
Midway's bankruptcy moved to February, still $240 million in debt
07 January 2009 | By Simon Priest